Top up with contributions

A little extra really can go a long way. It's easy to think that super is something you can leave for later but taking small steps now could add up to thousands of extra dollars over time. All it takes is adding a little extra to your super – if you start early enough, even small amounts can make a huge difference when you do it regularly.

Types of contributions

There are several types of contributions that can be made to your super. It’s important to understand the differences, so you’re aware of any tax implications or the effect of contribution caps.

Non-concessional (after-tax) contributions

These are generally voluntary after-tax contributions to super. Tax does not generally apply to contributions if they are made within the contributions cap.

These are generally contributions for which an employer or member may be able to claim a tax deduction. They are generally taxed concessionally.

Employer contributions

These are compulsory contributions that your employer must make to your super under Super Guarantee (SG) laws or Award conditions, and any other voluntary employer contributions. If your employer doesn’t currently contribute to your account, find out how you can get them to start.

Salary sacrifice contributions

This is where you ask an employer to pay part of your gross (pre-tax) salary into to your super.

Looking for help or advice about contributions?

If you have questions about the type or amount of contributions you wish to make, you may want to talk with our Advice Essentials team over the phone. There is generally no additional cost to you to use this service for advice relating to super contributions in your Accumulate Plus account.

Kimberlea (41) shares her member story of the impact that retiring without enough super had on her parents...

"I witnessed my friend’s parents reaching retirement without enough super savings and saw first-hand the impact this had on their lives. It was also a similar scenario for my parents. It was a real wake up call for me to take action now to ensure history doesn’t repeat itself. Ever since then I’ve added extra to my super via salary sacrifice.

I’ve been doing this for seven years, and then four years ago I purchased a house so I had to lower the salary sacrifice amount to assist with the costs of the purchase. But I was committed to bringing this amount back up so I decided to increase my salary sacrifice each year in line with my base salary percentage increase and I’ve done this ever since."

Other useful resources

How super contributions caps work

One of the most tax-effective ways to build your retirement savings is to put money into super. Find out what you need to know about how much you can contribute. (Source: Colonial First State)

Super contributions optimiser

See how you can boost your super by making extra contributions (Source: ASIC MoneySmart)

Time to take a fresh look at salary sacrifice

Salary sacrifice can be a great way to boost your super savings, and can potentially save you money on tax. It's time to take another look at this powerful savings strategy. (Source: Colonial First State)

Super vs mortgage?

Are you better off paying extra to your super or your mortgage? (Source: ASIC MoneySmart)